The Government has made changes to the tax law to provide tax relief for small businesses that restructure. The tax law changes provide an optional rollover for small business owners who change the legal structure of their business on the transfer of business assets from one entity to another. The effect of the rollover is…
DetailsWhen it comes to superannuation and retirement savings, it seems that size really does matter. There are other considerations of course, but for the most part the focus will be on finances when people aim to “improve” their post-work life prospects. The question of how much retirement savings any particular person needs to squirrel away…
DetailsA professional sales commission agent has been largely unsuccessful before the Administrative Appeals Tribunal (AAT) in claiming tax deductions for work-related expenses, including home office expenses, various grocery items and overtime meal allowances. The case concerned the taxpayer’s deduction claims in his 2011 and 2012 tax returns. The taxpayer worked as a professional sales commission…
DetailsWe’ve been told before that there is literally billions of dollars in superannuation savings sitting unclaimed — in fact, as at December 31, 2015, the ATO says there are around six million “lost” superannuation accounts holding a total of about $16.2 billion. But while the government regularly whinges about its dwindling coffers, it knows that…
DetailsAustralians with a Higher Education Loan Programme (HELP) debt and/or a Trade Support Loans (TSL) debt who are moving overseas for longer than six months will need to provide the ATO with their overseas contact details within seven days of leaving the country. International contact details can be provided to the ATO using its online…
DetailsSmall businesses will be able to change their legal structure without triggering a capital gains tax (CGT) liability at that time based on legislation just passed. The measure is designed to provide greater flexibility for small businesses to change as the business changes. The legislation is planned to come into play from July 1, 2016,…
DetailsThe Compliance side of our Practice involves assisting our clients to meet ASIC and ATO obligations accurately and within the required deadlines. Compliance services are delivered regularly – monthly, quarterly and annually – and cover a range of preparation and lodgement activities including Bookkeeping, Payroll, IAS & BAS returns, FBT & Income Tax Returns, Financial…
DetailsLand Tax is imposed by each State’s Office of State Revenue and is levied on the owners of property that is not their principal place of residence. Who needs to pay? You may need to pay land tax if you own, or jointly own, any property in NSW that is not your principal place of…
DetailsThe ATO has reminded taxpayers that, in relation to claiming car expenses, the one-third of actual expenses method and 12% of original value method were abolished from 1 July 2015. The cents per kilometre method now uses a standard rate of 66 cents per kilometre for all cars, rather than a rate based on a…
DetailsThe Government is looking to cut red tape for employers by simplifying tax and superannuation reporting obligations through its initiative called Single Touch Payroll (STP). “Employers currently manually report Pay As You Go (PAYG) withholdings to the ATO,” the Assistant Treasurer Kelly O’Dwyer said. “Under the new STP this information will be automatically reported to…
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